By Kathleen Elkins
Self-made millionaire Barbara Corcoran, who made her fortune building a real estate empire that she sold for $66 million in 2001, says there are a handful of common mistakes you’ll want to steer clear of when buying your first home.
And “the biggest mistake that first-time homeowners make is they forget that they need closing costs — not just the down payment of say 10 or 20 percent,” she says.
Closing costs vary depending on where you live and the type of loan you choose, but you can expect them to tack an additional 2-5 percent of the total cost of the home onto the final price. That means, if you’re buying a $200,000 home, you’ll owe anywhere between $4,000 and $10,000 in closing fees.
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